The PEPE meme coin price is facing bearish pressure, testing support at $0.00001732. Can it recover, or will it retest the critical $0.000014451 level?With Bitcoin's price remaining under the $100,000 mark, the bearish influence on meme coins continues to grow. The market cap of meme coins has dropped to $97.83 billion, marking a 3.48% decline over the past 24 hours.Amid this downturn, PEPEs price has fallen by 6.62% in the same period, bringing its market cap down to $7.33 billion. With the increasing bearish pressure, will PEPE face a short-term pullback to the 7-day low of $0.000014451?PEPE Price AnalysisOn the 4-hour chart, PEPEs price action shows a failed attempt at a rounding bottom breakout. The price failed to surpass the neckline at $0.00001988, and the higher price rejection kept the peak price below the 38.20% Fibonacci level. PEPE Price ChartThe crucial Fibonacci resistance level is priced at $0.00001921. The bearish reversal in PEPE price is now testing the 23.60% Fibonacci level at $0.00001739. This accounts for a price drop of 10% and breaks below the 20 EMA line. Along with the crucial Fibonacci resistance, the dynamic average line of 50 EMA keeps the bullish growth under check. Moreover, the bearish turnaround results in a negative crossover in the MACD and signal lines. Furthermore, the 100 and 200 EMA lines are on the verge of giving a bearish crossover. Hence, the technical indicators are giving a sell signal for the PEPE meme coin.PEPE Price TargetBased on the price action, the crucial support at $0.00001732 and the 23.60% Fibonacci level form a solid demand zone for PEPE. However, a close below this level on the 4-hour chart will likely lead to a retest of $0.000014451.On the other hand, if the broader market recovers, a sharp reversal breaking above the 38.20% Fibonacci level could test the horizontal resistance at $0.00002232. This level is slightly above the 68.80% Fibonacci level at $0.000022155.
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